PR Chamber of Commerce creates alliance with the Minister of Foreign Trade of Costa Rica to promote business exchange
May 23, 2023, San Juan, PR – The Puerto Rico Chamber of Commerce (PRCC) signed a collaborative agreement with the Minister of Foreign Trade of Costa Rica and President of the Board of Directors of the Foreign Trade Promoter of Costa Rica (PROCOMER) to strengthen trade relations and promote investment between both markets.
“Since the end of last year we began to join forces with PROCOMER to present the investment advantages offered by Puerto Rico, establish business contacts and identify commercial opportunities for expansion and export. With the signing of the agreement we will promote business collaborations for our members, through the exchange of information, knowledge and best practices,” explained Cameron McKenzie-Hertell, President of the PRCC.
For his part, Minister Manuel Tovar said, “I am pleased to have the opportunity to visit Puerto Rico with a view to strengthening our commercial relationship with this sister island. We seek to generate spaces for dialogue in order to promote increased trade and boost investment and exports. I am fully confident that the visit will open up new opportunities and strengthen ties between Costa Rica and Puerto Rico.”
The Minister shared trade data that show significant progress in trade between Costa Rica and Puerto Rico in recent years. Costa Rica’s exports to the island have increased from $119 million in 2015 to $191 million in 2022, while imports have gone from $18.8 million to $28.4 million in the same period. The sector of infusion and transfusion equipment of serums stands out as one of the main export products, representing 43% of exports, followed by beef with 6% and prostheses for medical use with 11.2%. For its part, Costa Rica imports medicines from Puerto Rico with 68%, plastic items for packaging with 5% and paint and varnishes with 4%, among other products.
This agreement seeks to generate commercial synergies, promote business missions to identify and develop specific business projects, and promote cooperation and technology transfer.
As part of the scheduled activities, with the Minister’s visit to Puerto Rico, the signing of the document was part of a business lunch with more than one hundred businessmen, preceded by meetings with the Puerto Rican government and private sector.